The 2017 real estate market in Lucas Texas, experienced significant growth and success, with exceptional performance in both new construction and high-value transactions. A mix of classic homes, modern builds, and leisure-oriented properties continued to appeal to various buyer preferences, maintaining the momentum from previous years. While mortgage rates edged higher at 4.14%, the market remained vibrant, showcasing adaptability and buyer confidence.

Total Homes Closed

A total of 148 homes closed in Lucas, TX during 2017, marking a clear increase in market activity. Buyers displayed a strong interest in new construction homes, with 34 sales, a notable jump from prior years. Additionally, 61 homes with pools cemented the appeal of leisure-enhancing features, meeting the needs of lifestyle-conscious buyers.

Property Pricing Insights

The year revealed a robust pricing spectrum, with highlights including:

• Minimum Price: $195,000—Indicating reduced entry-level inventory but higher value on the lower end.
• Maximum Price: $1,361,472—Featuring notable luxury sales.
• Average Price: $660,429—Slightly up from 2016, illustrating continued demand and appreciation.
• Median Price: $649,450—Confirming balanced growth across all market tiers.
• Average Price per Sq. Ft.: $167.08—A moderate increase reflecting rising property valuations.

Property Size and Features

Homes catered to varied buyer demands, from compact urban properties to expansive luxury estates:

• Bedrooms: Ranged from 2 to 8, with an average of 4 bedrooms, satisfying family-focused buyers.
• Bathrooms: Offered 2 to 10 bathrooms, catering to upscale housing aspirations, with an average of 4 bathrooms overall.
• Square Footage: Properties spanned 876 sq. ft. to 7,286 sq. ft., averaging 4,024 sq. ft., demonstrating preference for spacious living.
• Lot Sizes: Ranged from 0.0 to 8.189 acres, with an average of 1.743 acres, blending suburban and estate-style options.

Market Dynamics

Market efficiency and competitiveness were reflected in core metrics:

• Days on Market (DOM): Properties averaged 75 days, though median DOM was just 44 days, suggesting brisk activity for mid-tier homes.
• ClsPr/LstPr Ratio: Sellers achieved 97.81% of listing prices, showcasing robust buyer interest.
• ClsPr/OLP Ratio: At 95.52%, there were some adjustments to original pricing, likely reflecting evolving market conditions throughout the year.
• Average Price per Sq. Ft.: $167.08, continuing a steady rise in property valuations.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2017

Electricity prices rose to $0.12 per kilowatt-hour in 2017, after a year at $0.11. This small uptick likely reignited interest in smaller homes or energy-efficient features. homebuyers remained cautious about properties with older energy systems, viewing them as less desirable long-term investments.

Average Price for Regular Gasoline in Texas in 2017

Gas prices increased to $2.19 per gallon in 2017, up from $1.91 in 2016. While still relatively affordable, the rise may have led homebuyers to reconsider the financial trade-offs of suburban living. Proximity to public transportation hubs became a more significant factor during housing searches.

Average 30-Year Fixed Mortgage Rate in 2017

Mortgage rates rose to 4.14% in 2017, up from 3.79% the year prior. The return of higher rates reminded homebuyers of the importance of locking in favorable financing terms early. Pre-approval through local mortgage loan originators remained vital to navigating the shifting landscape effectively and with confidence.

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Summary of Real Estate Market Analysis for Lucas, TX in 2017

The 2017 real estate market in Lucas, Texas showcased outstanding performance, reflecting balance, growth, and adaptability. With an increase in transactions and steady appreciation, the market offered opportunities that spanned across all buyer preferences, from entry-level homes to luxurious custom-built properties. The rise in homes with pool and new construction highlighted the evolving priorities of modern buyers, while price stability and quick mid-tier sales emphasized a healthy market dynamic.

Even with a slight rise in mortgage rates, Lucas, TX demonstrated resilience and diversity, cementing its reputation as a vibrant and inclusive market. The year set a strong foundation for continued growth and success, confirming Lucas’s appeal to a broad spectrum of buyers.

The Importance of Statistical Data in Lucas, Texas Real Estate Market

Did you know that appraisers and Realtors rely on historical statistical data to determine a property’s current value?

Analyzing historical market data is essential for making informed decisions in today’s real estate market. Examining past trends provides valuable insights that facilitate accurate pricing, more strategic negotiations, and a comprehensive understanding of market dynamics.

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A Comprehensive Analysis of Single-Family Residential Housing Market in Lucas, TX: 2003 to Present